Posted on 03/17/2021 5:56:54 PM PDT by dynachrome
The Westin Book Cadillac hotel is facing foreclosure due to plummeting revenues amid the pandemic, its owner tells Crain's Detroit Business.
The 33-story tower was rehabbed in 2008 for $180 million. According to Crain's, owner John Ferchill is underwater with $77 million in commercial mortgage-backed securities debt that has been delinquent since May. The property is valued at $75 million.
Ferchill says he's been unable to come to an agreement with his lender, Citi Real Estate Funding Inc.
(Excerpt) Read more at deadlinedetroit.com ...
Part of the plan. Transfer of wealth. Some wall street fatcat will buy the hotel for 40 cents on the dollar.
That hotel has a lot of history.
I’ve been honked off ever since they closed Hudsons and tore it down.
Unfortunately, the heyday of the department store is long past. All of the downtown department stores in Denver closed a long time ago. When I came to Denver the Tea Room on the top floor of the Denver Dry Goods Company (or “The Denver”) was considered an elegant place for lunch. Long gone.
That building was actually imploded with dynamite, and the job was done with amazing precision.
Both branches of my family lived in Detroit and going to Hudsons for brunch was an elegant, white gloved, affair; yet still accessible to the commoners if they could behave and dress nicely. The women looked forward to dining at Hudsons and spoke of it fondly 40+ years later.
[The 33-story tower was rehabbed in 2008 for $180 million.]
Kramer: I conceived this whole idea years ago!
Jerry: Renovating the restaurant you don’t own part or spending the $200 million you don’t have part?
Kramer: No time! Do you know how much time I waste in here?
Jerry: I could ballpark it.
As is the May Company in downtown Los Angeles. In the 1950's, about once a month on a Saturday, we would dress up as we would going to church and spend the day shopping there. If we stayed until late afternoon, we might eat dinner at the Italian Kitchen across the street. Now, that seems like life in a galaxy far, far away.
They spent 180 million rehabbing a building that is only worth 75 million REALLY???
Sounds like time for Rand to submit an “Indy Mac” letter regarding unwinding the obliterated commercial real estate market, perhaps hand a copy to Schumer on the way to reading it into the Senate Record...
I remember Hudson’s heavy revolving doors on the Woodward Ave. entrance. Make a sharp right, go downstairs and you would see their nice bakery and cafeteria in the basement.
That property sounds ripe for inclusion in a Qualified Opportunity Zone investment fund.
Bump
And in Detroit no less...
Deadline Detroit......they need to drop the line part.
Chinese buyer...my guess.
Well, inexplicably, Trump pardoned Kwame, so KK is ready to roll.
Sure.
Tell me another one.
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